Grey Secures CBN IMTO Licence, Unlocking Formal Nigerian Inbound Remittance Rails
YC-backed fintech Grey has secured a Central Bank of Nigeria International Money Transfer Operator licence, formally authorising it to process inbound remittances into Nigeria. The approval is being read as a significant regulatory unlock for one of Africa's largest remittance corridors.
Grey's IMTO Licence: owning the pipe, not just the wallet
Grey's CEO said it plainly at Moonshot last week: African money still clears through New York or London on its way to the country next door.
The IMTO licence is Grey's answer to that — not just permission to move money into Nigeria, but a formal place in the settlement layer itself. Most fintechs plug into someone else's infrastructure to handle inbound remittances. Grey is now authorised to be that infrastructure, across person-to-person, business-to-person and business-to-business flows, in a corridor that moved $22.8 billion last year.
That's the shift worth watching: from app on top of the pipe to part of the pipe itself.
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- Grey secures CBN licence to process remittances into Nigeria · techtrendske.co.ke · T2